A new polyol (PCD-b-PPG) has been synthesized that has a low viscosity of around 800-3,000 mPa·s (at 25˚C, liquid state) and is transparent due to the use of PCD as an initiator, even after storing for a long duration. The new PCD-b-PPG polyol can be applied to coating applications where transparency is required. In addition, it may contribute to other CASE applications and solvent-free urethane compositions that can take advantage of its low viscosity.